Goldman Sachs to slash 230 jobs

The axe is about to fall at Goldman Sachs. The Wall Street firm said in a filing on Wednesday with New York State that it planned to lay off 230 employees in New York City. Goldman said layoffs would begin at the end of September.

Goldman’s decision to cut staff comes as no surprise. Faced with weak markets, storm clouds in Europe and uncertainty over regulation, business on Wall Street has slowed significantly in recent months. DealBook reported earlier this month that Goldman plans to cut headcount and hopes to lower its noncompensation revenue by 10 per cent, or $US1 billion ($954 million), over the next 12 months.

The firm listed “economic" as the reason for cutting the 230 people, less than 1 percent of the 35,400 it employs around the world. The firm however is expected to cut more staff in the coming months.